Yes just like every startup. “We had 1% of the market and grew to 2%. We doubled in the last year and are growing much faster than the incumbents”.

In what rational world should Tesla have a PE of 20x GM?

If they are priced like a startup and growing like a startup, that might indicate something crazy about how startups are priced, but it isn't unique to Tesla.

Tesla is a public company, and if you haven’t checked, startups and recently public former unicorns aren’t doing too well these days.

We will pretty much know in the next few years. If they deliver 2 mil in 2023 and 4mil in 2024 that would be a very good indicator.

And that will still be less than 1/4 the number of cars that Toyota sells and won’t justify its valuation by any realistic criteria.

Toyota sells 10 mil The idea was that would show that trend holds at a large volume.